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Ethereum’s native token, Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>), rebounded sharply over the weekend, driven by evidence that institutional investors capitalized on “price weakness” last week to open positions in the second-biggest cryptocurrency by market capitalization.
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> shows that Ether price rose from a low of $3,048 on Friday, July 12, climbing 10% to an intraday high of $3,372 on July 15. At the time of publication, ETH was exchanging hands at $3,360, up 4.73% over the last 24 hours.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/246a3032-3528-47e5-b740-f4b28acf7ada.png" alt="Why is Ether (ETH) price up today?">
 <figcaption style="text-align: center;">
 ETH/USD daily chart. Source: <a href="https://www.tradingview.com/x/lhON6EPy/" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
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Let’s look at the factors driving Ether’s price up today.
<h2 id="us-spot-ethereum-etfs-expected-to-launch-this-week">US spot Ethereum ETFs expected to launch this week </h2>
The uptick in Ether’s price likely comes in anticipation of the first spot Ethereum <a href="https://cointelegraph.com/learn/different-types-of-etfs">exchange-traded fund</a> (ETF) in the US, which could launch for trading as soon as this week, according to analysts.
“Welcome to spot ETH ETF approval week.” <a href="https://twitter.com/x/migrate?tok=7b2265223a222f4e6174654765726163692f7374617475732f31383132353933333631323637383736303537222c2274223a313732313035343134397d46c7e1fa701560952fceb775db014a46" target="_blank" rel="noopener nofollow">declared</a> Nate Geraci, ETF analyst and president of The ETF Store, in a July 15 post on the X social media platform.
Geraci forecasts that the roster of eight spot Ethereum ETFs will be launched by the end of this week.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/975ea3d1-2db4-4e6b-8c91-7ae17b91ca6c.png" alt="Why is Ether (ETH) price up today?">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/NateGeraci/status/1812593361267876057" target="_blank" rel="noopener nofollow">Nate Geraci</a>
 </figcaption>
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According to an industry source familiar with the matter, US spot <a href="https://cointelegraph.com/news/final-signoff-spot-ether-etfs-expected-imminently-listings-next-week-source">Ether ETF issuers expect</a> to receive final comments from the Securities and Exchange Commission (SEC) by early this week.
On May 23, the <a href="https://cointelegraph.com/news/sec-spot-ether-etf-approved#:~:text=The%20U.S.%20Securities%20and%20Exchange,treating%20ETH%20as%20a%20security.">SEC approved spot Ether ETF</a> 19b-4 filings from eight asset managers, including VanEck, 21Shares, and Bitwise. Experts anticipate that final approvals could be granted as early as this month.
During a June Senate Banking Committee hearing, SEC Chair Gary Gensler hinted that the commission might approve the S-1s “sometime over the course of this summer,” though he did not specify an exact date.
Following the <a href="https://cointelegraph.com/news/bitwise-cio-says-btc-etfs-are-huge-success-and-13f-filings-make-him-incredibly-bullish">success of spot Bitcoin ETFs</a>, spot Ethereum ETFs are expected to <a href="https://cointelegraph.com/news/ethereum-spot-etfs-could-attract-15b-by-end-of-2025-bitwise-cio#:~:text=Jun%2026%2C%202024-,Ethereum%20spot%20ETFs%20could%20attract%20%2415B%20by%20end%20of,to%20Bitwise%20CIO%20Matt%20Hougan.">attract high capital inflows</a> once they start trading, possibly driving Ether’s price higher.
<h2 id="ethereum-funds-witness-net-positive-inflows">Ethereum funds witness net positive inflows</h2>
Ether’s rally coincided with increased inflows across global Ethereum investment products. According to CoinShares’ weekly report, Ether-linked investment products saw inflows of $72.1 million between July 8 and July 12, bringing the total outflows for the past two weeks to $82.4 million and the year-to-date total balance to $57 million in inflows.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/931d4f6a-3898-4761-be7e-9d3218284a8b.png" alt="Why is Ether (ETH) price up today?">
 <figcaption style="text-align: center;">
 Flows by asset. Source: CoinShares
 </figcaption>
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During that same week, ETH’s price ascended by approximately 11%, despite selling pressure prompted by <a href="https://cointelegraph.com/news/mt-gox-repayment-crypto-market-volatility#:~:text=Gox%2C%20the%20infamous%20Bitcoin%20exchange,market%20dynamics%20in%20real%20time.">Mt. Gox repayments</a> and the <a href="https://cointelegraph.com/news/german-government-prepares-next-276m-btc-selloff">German government's BTC sales</a>. 
CoinShares researcher James Butterfill <a href="https://blog.coinshares.com/volume-190-digital-asset-fund-flows-weekly-report-47b8dfbe45c6" target="_blank" rel="noopener nofollow">noted</a> that institutional investors saw the recent crypto market decline as a buying opportunity on “price weakness” amid increased anticipation that the market would resume its uptrend in the coming days or weeks. 
<blockquote>
 “We believe the price weakness is due to the German Government Bitcoin sales and a turnaround in sentiment due to lower than expected CPI in the US prompted investors to add to positions.”
</blockquote>
Related: <a href="https://cointelegraph.com/magazine/ether-etfs-on-the-move-messi-promotes-memecoin-and-more-hodlers-digest-july-7-13/">Ether ETFs on the move, Messi promotes memecoin, and more: Hodler’s Digest, July 7-13</a>
<h2 id="ether-price-nurtures-a-v-shaped-recovery">Ether price nurtures a V-shaped recovery</h2>
Ether’s price action since May 27 has been nurturing a V-shaped recovery chart pattern on the daily chart, as shown below.
A V-shaped recovery is a bullish pattern formed when an asset experiences a sharp price increase after a steep decline. It is completed when the price moves up to the resistance at the top of the V formation.
ETH appears to be on a similar trajectory. It currently trades above the 50-day exponential moving average (EMA) at $3,332. 
The rising relative strength index and its position at 55 also provide insight into the bullish momentum building in the ETH price.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/11e23217-0cb6-4ade-bc3a-1e0474a4884a.png" alt="Why is Ether (ETH) price up today?">
 <figcaption style="text-align: center;">
 ETH/USD daily chart. Source: <a href="https://www.tradingview.com/x/lhON6EPy/" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
This suggests that the approval and launch of spot Ethereum ETFs are likely to see ETH price complete the V-shaped pattern to trade at $4,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Why is Ether (ETH) price up today?

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